Author Topic: South Dakota Tax Haven  (Read 473 times)

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Offline old dog 2

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South Dakota Tax Haven
« on: October 07, 2021, 05:53:49 AM »
I have no need for it but it looks like a very good option for wealth preservation.

How South Dakota became a global tax haven:

https://www.axios.com/south-dakota-global-tax-haven-5120d206-20ab-4cc1-ba91-d1d59fe22487.html?utm_source=pocket-newtab


Quote
Context: Since 2010, almost every country in the world has signed onto the Common Reporting Standard (CRS), whereby governments inform each other about assets held by foreigners. The United States is the only major country not to sign on to the CRS, making it much more attractive as a tax haven than places like the Bahamas or Panama.

    Who's in: Ecuadoran President Guillermo Lasso, Chinese real-estate billionaire billionaire Sun Hongbin, and dozens of other high-profile tax optimizers — both foreigners and Americans —are sheltering their assets in South Dakota.

By the numbers: A decade ago, South Dakotan trust companies held $57 billion in assets. The current figure is about $360 billion — with similar trusts in other states bringing the total for the U.S. close to $1 trillion.

    The United States — not only South Dakota but also rival tax-haven states like Nevada and Delaware — now ranks second only to the Cayman Islands for financial secrecy.

The bottom line: “South Dakota offers the best privacy and asset protection laws in the country, and possibly in the world," tax expert Harvey Bezozi told the Guardian.
Truly, whoever can make you believe absurdities can make you commit atrocities.  - Voltaire